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LIC launches its new term insurance plan 'Jeevan Amar'
06-Aug-19   18:08 Hrs IST

Life Insurance Corporation (LIC) of India has launched a new term insurance plan called 'Jeevan Amar'. It is a non-linked, non-participating, life term assurance plan and offers greater flexibility to policyholders in comparison to other insurance plans.

It's much awaited term insurance plan, which is much cheaper than its just-withdrawn Amulya Jeevan Term Plan. Not only the new term plan is cheaper, but it is more flexible and has much wider features.

As Jeevan Amar is a term plan, it is a without profit plan and is also a non-linked plan. Which means, the plan is not market-linked and there will be no maturity value and only death claim will be payable to the nominee in case of unfortunate demise of the life assured during the policy term, provided the policy is in force.

The 'Jeevan Amar' plan, available for sale offline, offers flexibility to choose from two death cover options like level sum assured and increasing sum assured, LIC said in a release.

In level sum assured, death benefit remains the same throughout the term of the policy. While in case of increasing sum assured, death benefit remains at the same level in the first five years of the policy and increases by 10 per cent of basic sum assured every year for the next 15 years or end of policy term, whichever is earlier. It then maintains a constant level for the remaining term of the policy.

The minimum basic sum assured may be opted for under this plan is Rs 25 lakh and there is no maximum limit, but the maximum cover limit will depend upon a person's age and income level. Basic sum assured may be opted in multiple of Rs 1 lakh up to Rs 40 lakh of life cover and thereafter in multiple of Rs 10 lakh.

The plan is available for ages 18-65 years with the maximum age maturity at 80 years offering policy terms from 10 years to a maximum of 40 years. The insurance premium can either be paid only once, for a limited premium paying term or regularly or regularly throughout the policy term.

During the premium paying term (PPT) under Regular and Limited Premium Policies, Accident Benefit Rider is allowed equal to the basic sum assured, but maximum up to Rs 1 crore, inclusive of the benefits availed under all the existing policies, except Jeevan Shiromani Plan. Premium Benefit Rider up to Rs 1 crore taken along with Jeevan Shiromani Plan will not be taken into account while calculating the total Accident Benefit Rider limit.

The policyholder also has the option to choose from smoker or non-smoker category. A person who opts for the non-smoker category will have to undergo an extra urine cotinine test. Premium for smokers will be more than that of non-smokers.

The much awaited term plan offers lower premium rates for women. It also makes available additional accident benefit for rider.

The minimum installment premium will be Rs 3,000 under regular and limited premium options, while under single premium option, the minimum installment premium will be Rs 30,000.

The policyholder has the flexibility to choose the death benefit payout, that is, he or she can choose whether the nominee receives the money in lump sum or in installments over a period of 5, 10 or 15 years.

No surrender value will be available under regular premium option, but it will be available under single premium and limited premium options subject to some terms and conditions.
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